104 Stacked Term Insurance

Stacked Term Insurance	重叠式定期保险
While surfing internet one day, I stumbled upon this 'stacked term insurance' idea. Upon reading, I find it very interesting. It claims that the client will save on the premium while be able to channel the excess to investment. So, I decided to try and see if it is true.	某天上网时看到“重叠式定期保险”的做法。读了一读发觉还挺有趣的。该网站认为如此做可以节省保费，从而把多余的钱拿去投资。所以我也想看看是否如此。
What is 'stacked term insurance'?	何为“重叠式定期保险”？
Term insurance is the cheapest insurance where it does not participate in the returns of the investment. This way, the client pays the cheapest rate. It is actually the most efficient insurance.	定期保险是为最便宜的保险因为它无需承担投资回酬。顾客因此只需付低廉的保费。它算是最有效的保险。
Stacked Term Insurance works in the way of overlapping more term insurance at beginning of coverage than the end period, so as to gradually reduced the coverage	“重叠式定期保险”就是以重叠几份定期保单的方式来达到保障随时间逐步递减。
A client may have a need for insurance but the need may reduced with passing of time. Mortgage Reducing Term Assurance (MRTA) is the best example of such insurance.	某顾客有需要保障但保障随时间递减。递减式房贷保险是其中的代表。
Say we have a client age 35, male, non smoker, Class 1 occupation, needs a coverage of RM2 million for a 20 years housing loan. The premium for this MRTA is RM6,486.50 per annum.	我们假设有某顾客35岁，男性，非吸烟者，一级工作，需要为两百万元的屋子为期廿年的保障。这样的递减式房贷保险需RM6,486.50年保费。
Now let's try repackage it using level term insurance. The premium for it shall be RM6,866.50 p.a.	让我们尝试规划成平行定期保险。年保费需RM6,866.50。
But in this way, it works more like Mortgage Level Term Assurance (MLTA). Client's coverage stays the same for the whole tenure.	但如此一来，这就成了定额式房贷保险。保障将维持一样。
Let's modify a bit, by doing stacking. RM500K x 20 years RM500K x 15 years RM500K x 10 years RM500K x 5 years	我们再修改成重叠式保障。 RM500K x 20 年 RM500K x 15 年 RM500K x 10 年 RM500K x 5 年
By doing that way, client's coverage will reduce every 5 years. Let's see how much is his premium.	如此一来，保障将每五年递减。让我们来看看保费变化。
RM500K x 20 years : RM2,101.50 RM500K x 15 years : RM1,696.50 RM500K x 10 years : RM1,426.50 RM500K x 5 years   : RM1,291.50	RM500K x 20 年 : RM2,101.50 RM500K x 15 年 : RM1,696.50 RM500K x 10 年 : RM1,426.50 RM500K x 5 年 : RM1,291.50
Total Year 1 ~ 5 : RM6,516.00 Year 6 ~ 10 : RM5,224.50 Year 11 ~ 15 : RM3,798.00 Year 16 ~ 20 :  RM2,101.50	总计 年 1 ~ 5 : RM6,516.00 年 6 ~ 10 : RM5,224.50 年 11 ~ 15 : RM3,798.00 年 16 ~ 20 :  RM2,101.50
So by using stacked term insurance, instead of paying MRTA of RM6,866.50 p.a. for the next 20 years, the client can save more and more money as the years go by.	相比起廿年递减式房贷保险需年保费RM6,866.50，使用重叠式定期保险使顾客随时间推移省下更多钱。
The client can invest more money since his premium will be lower and lower. Eventually, MRTA and stacked term insurance will not give him any cash value. But if he can be disciplined to invest the extra savings, from premium difference, he can have some more money in the investment vehicle.	顾客将可以因保费越来越少而投资更多的钱。最终，不管是递减式房贷保险抑或是重叠式定期保险都没有任何现金值。若是他可以把保费差额另外做投资的话，他的投资户头将有更多钱。
This is a very interesting finding. This is not only applicable to housing loan issue. It can be applied to any person who might want more protection at earlier day than when he is older.	这的确相当有趣。这样的保险并不限于房贷，也有可能适合需要初期保障高于后期保障的人士。
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